Crude Oil Hits Target, Maintains Bullish Momentum – March 19, 2024

by Jennifer

In recent trading sessions, the price of crude oil successfully reached our initial target of 82.60 and currently hovers near this level. Analysts are anticipating the gathering of positive momentum, which is expected to propel the price further within the established bullish channel depicted on the chart, aiming for new positive targets reaching 83.85.

The bullish trend remains intact and active for the foreseeable future, supported by the consistent performance of the EMA50, which continues to provide upward momentum. It’s worth noting that a breach of the 80.90 level would mark the end of the current bullish wave, potentially triggering a period of bearish correction, albeit within the context of the overall upward movement that initiated from the 71.35 areas.


Today’s expected trading range spans between a supportive level of 81.30 and a resistance level of 84.30.


Trend Forecast: Bullish

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